Obligation Royal Bank of Canada 0% ( US78013XNV63 ) en USD

Royal Bank of Canada

100 % ⇌

Canada

US78013XNV63 ( en USD )

03/06/2024 - Obligation échue

Prospectus brochure de l'obligation Royal Bank of Canada US78013XNV63 en USD 0%, échue

1 000 USD

5 950 000 USD

78013XNV6

N/A

La Banque Royale du Canada (RBC) est une institution financière multinationale canadienne offrant une large gamme de services financiers, incluant les services bancaires aux particuliers et aux entreprises, la gestion de patrimoine, les marchés des capitaux et l'assurance.

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78013XNV63, paye un coupon de 0% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 03/06/2024

L'Obligation émise par Royal Bank of Canada ( Canada ) , en USD, avec le code ISIN US78013XNV63, a été notée NR par l'agence de notation Moody's.

424B2 1 form424b2.htm PRICING SUPPLEMENT (RTY SX5E) 78013XNV6
File d Pursua nt t o Rule 4 2 4 (b)(2 )
RBC Ca pit a l M a rk e t s®
Re gist ra t ion St a t e m e nt N o. 3 3 3 -
2 2 7 0 0 1

Pricing Supplement
$5,950,000

Auto-Callable Barrier Notes
Dated May 29, 2019
Linked to the Lesser Performing of Two
to the Product Prospectus Supplement ERN-EI-1, Prospectus Supplement, and
Equity Indices, Due June 3, 2024
Prospectus Each Dated September 7, 2018
Royal Bank of Canada

Royal Bank of Canada is offering Auto-Callable Barrier Notes (the "Notes") linked to the lesser performing of two equity indices (each, a "Reference Index" and
collectively, the "Reference Indices"). The Notes offered are senior unsecured obligations of Royal Bank of Canada and under the circumstances specified below, and will
have the terms described in the documents described above, as supplemented or modified by this pricing supplement. We will not make any payments on the Notes until
the maturity date or a prior automatic call.
The Notes will be automatically called at the applicable Call Amount if the closing level of each Reference Index is greater than or equal to its Initial Level on any quarterly
Observation Date. The Call Amounts are based on a rate of return of 10% per annum (the "Call Return Rate"), and will increase on each quarterly Observation Date to
reflect that rate of return. If the Notes are not called, you may lose all or a substantial portion of your principal amount.
Re fe re nc e I ndic e s

I nit ia l Le ve ls

Ba rrie r Le ve ls*
Russell 2000 ® Index ("RTY")

1,489.952

946.120, which is 63.50% of its Initial Level
EURO STOXX 50 ® Index ("SX5E")

3,297.81

2,094.11 which is 63.50% of its Initial Level
* Rounded to 3 decimals in the case of the RTY, and 2 decimals in the case of the SX5E.
The Notes do not guarantee any return of principal at maturity. Any payments on the Notes are subject to our credit risk.
Investing in the Notes involves a number of risks. See "Selected Risk Considerations" beginning on page P-7 of this pricing supplement, "Additional Risk Factors Specific
to the Notes" beginning on page PS-5 of the product prospectus supplement dated September 7, 2018, and "Risk Factors" beginning on page S-1 of the prospectus
supplement dated September 7, 2018.
The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or
U.S. government agency or instrumentality. The Notes are not subject to conversion into our common shares under subsection 39.2(2.3) of the Canada Deposit Insurance
Corporation Act.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the Notes or determined that this pricing
supplement is truthful or complete. Any representation to the contrary is a criminal offense.
I ssue r:
Royal Bank of Canada
St oc k Ex c ha nge
None
List ing:
T ra de Da t e :
May 29, 2019
Princ ipa l Am ount :
$1,000 per Note
I ssue Da t e :
May 31, 2019
M a t urit y Da t e :
June 3, 2024
V a lua t ion Da t e :
May 29, 2024 (which is the final Observation Date)

I nit ia l Le ve l:
For each Reference Index, its closing level on the Trade Date, as set forth in the table above.
Fina l Le ve l:
For each Reference Index, its closing level on the Valuation Date.
Ca ll Fe a t ure :
If the closing level of each Reference Index is greater than or equal to its Initial Level starting in August 2019 or on any Observation Date
thereafter, the Notes will be called and we will pay the applicable Call Amount on the corresponding Call Settlement Date.
Obse rva t ion Da t e s
Quarterly, as set forth below.
a nd
Ca ll Se t t le m e nt Da t e s:
Pa ym e nt a t M a t urit y
If the Notes are not called on any Observation Date (including the Valuation Date), we will pay you at maturity an amount based on the Final
(if
Level of the Lesser Performing Reference Index:
he ld t o m a t urit y):
For each $1,000 in principal amount, $1,000, unless the Final Level of the Lesser Performing Reference Index is less than its Barrier Level.
If the Final Level of the Lesser Performing Reference Index is less than its Barrier Level, then the investor will receive at maturity, for each
$1,000 in principal amount, a cash payment equal to:
$1,000 + ($1,000 x Percentage Change of the Lesser Performing Reference Index)
Investors could lose some or all of their initial investment if there has been a decline in the level of Lesser Performing Reference Index.
Le sse r Pe rform ing
The Reference Index with the lowest Percentage Change.
Re fe re nc e I nde x :
CU SI P:
78013XNV6

Per Note

Total
Price to public(1)
100.00%
$5,950,000
Underwriting discounts and commissions(1)
2.75%
$163,625
Proceeds to Royal Bank of Canada
97.25%
$5,786,375
(1)Certain dealers who purchased the Notes for sale to certain fee-based advisory accounts may have foregone some or all of their underwriting discount or selling
concessions. The public offering price for investors purchasing the Notes in these accounts was between $972.50 and $1,000 per $1,000 in principal amount.
The initial estimated value of the Notes as of the Trade Date is $966.93 per $1,000 in principal amount, which is less than the price to public. The actual value of the
Notes at any time will reflect many factors, cannot be predicted with accuracy, and may be less than this amount. We describe our determination of the initial estimated
value in more detail below.
RBC Capital Markets, LLC ("RBCCM"), acting as our agent, received a commission of $27.50 per $1,000 in principal amount of the Notes and used a portion of that
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commission to allow selling concessions to other dealers of up to $27.50 per $1,000 in principal amount of the Notes. The other dealers may forgo, in their sole discretion,
some or all of their selling concessions. See "Supplemental Plan of Distribution (Conflicts of Interest)" below.
RBC Capital Markets, LLC

Auto-Callable Barrier Notes
Linked to the Lesser Performing of Two
Equity Indices
SU M M ARY
The information in this "Summary" section is qualified by the more detailed information set forth in this pricing supplement, the
product prospectus supplement, the prospectus supplement, and the prospectus.
General:
This pricing supplement relates to an offering of Auto-Callable Barrier Notes (the "Notes") linked to the
lesser performing of two equity indices (the "Reference Indices").
Issuer:
Royal Bank of Canada ("Royal Bank")
Denominations:
Minimum denomination of $1,000, and integral multiples of $1,000 thereafter.
Designated Currency:
U.S. Dollars
Trade Date ("Pricing
May 29, 2019
Date"):
Issue Date:
May 31, 2019
Call Feature:
If, on any Observation Date, the closing level of each Reference Index is greater than or equal to its
Initial Level, then the Notes will be automatically called and the applicable Call Amount will be paid on
the corresponding Call Settlement Date.
Call Return Rate:
10% per annum
Observation
Obse rva t ion Da t e
Ca ll Se t t le m e nt Da t e
Ca ll Am ount s
Dates/Call Settlement
August 29, 2019
September 4, 2019

$1,025
Dates/Call Amounts:
November 29, 2019
December 4, 2019

$1,050

February 28, 2020
March 4, 2020

$1,075
May 29, 2020
June 3, 2020

$1,100
August 31, 2020
September 3, 2020

$1,125
November 30, 2020
December 3, 2020

$1,150
February 26, 2021
March 3, 2021

$1,175
May 28, 2021
June 3, 2021

$1,200
August 30, 2021
September 2, 2021

$1,225
November 29, 2021
December 2, 2021

$1,250
February 28, 2022
March 3, 2022

$1,275
May 31, 2022
June 3, 2022

$1,300
August 29, 2022
September 1, 2022

$1,325
November 29, 2022
December 2, 2022

$1,350
February 28, 2023
March 3, 2023

$1,375
May 30, 2023
June 2, 2023

$1,400
August 29, 2023
September 1, 2023

$1,425
November 29, 2023
December 4, 2023

$1,450
February 29, 2024
March 5, 2024

$1,475
May 29, 2024 (the "Valuation Date") June 3, 2024 (the "Maturity Date")

$1,500
Valuation Date:
May 29, 2024
Maturity Date:
June 3, 2024
Initial Level:
For each Reference Index, its closing level on the Trade Date, as set forth on the cover page of this
document.
Final Level:
For each Reference Index, its closing level on the Valuation Date.
Barrier Level:
For each Reference Index, 63.50% of its Initial Level, as set forth on the cover page of this
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document.
P-2
RBC Capital Markets, LLC

Auto-Callable Barrier Notes
Linked to the Lesser Performing of Two
Equity Indices
Payment at Maturity (if
If the Notes are not called on any Observation Date (including the Valuation Date), we will pay you at
not previously called
maturity an amount based on the Final Level of the Lesser Performing Reference Index:
and held to maturity):
· If the Final Level of the Lesser Performing Reference Index is greater than or equal to its Barrier

Level, we will pay you a cash payment equal to the principal amount.
· If the Final Level of the Lesser Performing Reference Index is below its Barrier Level, you will
receive at maturity, for each $1,000 in principal amount, a cash payment equal to:
$1,000 + ($1,000 x Percentage Change of the Lesser Performing Reference Index)
The amount of cash that you receive will be less than your principal amount, if anything, resulting in a
loss that is proportionate to the decline of the Lesser Performing Reference Index from the Trade Date to
the Valuation Date. Investors in the Notes could lose some or all of their investment if the Final Level of
the Lesser Performing Reference Index is less than its Barrier Level.
Percentage Change:
With respect to each Reference Index:

Final Level Initial Level
Initial Level
Lesser Performing
The Reference Index with the lowest Percentage Change.
Reference Index:
Market Disruption
The occurrence of a market disruption event (or a non-trading day) as to either of the Reference
Events:
Indices will result in the postponement of an Observation Date or the Valuation Date as to that
Reference Index, as described in the product prospectus supplement, but not to any non-affected
Reference Index.
Calculation Agent:
RBC Capital Markets, LLC ("RBCCM")
U.S. Tax Treatment:
By purchasing a Note, each holder agrees (in the absence of a change in law, an administrative

determination or a judicial ruling to the contrary) to treat the Notes as a callable pre-paid cash-settled
derivative contract linked to the Reference Indices for U.S. federal income tax purposes. However, the
U.S. federal income tax consequences of your investment in the Notes are uncertain and the Internal
Revenue Service could assert that the Notes should be taxed in a manner that is different from that
described in the preceding sentence. Please see the section below, "Supplemental Discussion of U.S.
Federal Income Tax Consequences," and the discussion (including the opinion of our counsel Morrison &
Foerster LLP) in the product prospectus supplement dated September 7, 2018 under "Supplemental
Discussion of U.S. Federal Income Tax Consequences," which apply to the Notes.
Secondary Market:
RBCCM (or one of its affiliates), though not obligated to do so, may maintain a secondary market in the
Notes after the Issue Date. T he a m ount t ha t you m a y re c e ive upon sa le of your N ot e s prior
t o m a t urit y m a y be le ss t ha n t he princ ipa l a m ount of your N ot e s.
Listing:
The Notes will not be listed on any securities exchange.
Clearance and
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as
Settlement:
described under "Description of Debt Securities--Ownership and Book-Entry Issuance" in the prospectus
dated September 7, 2018).
Terms Incorporated in
All of the terms appearing above the item captioned "Secondary Market" on the cover page and pages
the Master Note:
P-2 and P-3 of this pricing supplement and the terms appearing under the caption "General Terms of the
Notes" in the product prospectus supplement dated September 7, 2018, as modified by this pricing
supplement.
P-3
RBC Capital Markets, LLC
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Auto-Callable Barrier Notes
Linked to the Lesser Performing of Two
Equity Indices
ADDI T I ON AL T ERM S OF Y OU R N OT ES
You should read this pricing supplement together with the prospectus dated September 7, 2018, as supplemented by the
prospectus supplement dated September 7, 2018 and the product prospectus supplement dated September 7, 2018, relating to our
Senior Global Medium-Term Notes, Series H, of which these Notes are a part. Capitalized terms used but not defined in this
pricing supplement will have the meanings given to them in the product prospectus supplement. In the event of any conflict, this
pricing supplement will control. The Notes vary from the terms described in the product prospectus supplement in several
important ways. You should read this pricing supplement carefully.
This pricing supplement, together with the documents listed below, contains the terms of the Notes and supersedes all prior or
contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms,
correspondence, trade ideas, structures for implementation, sample structures, brochures or other educational materials of ours.
You should carefully consider, among other things, the matters set forth in "Risk Factors" in the prospectus supplement dated
September 7, 2018 and "Additional Risk Factors Specific to the Notes" in the product prospectus supplement dated September 7,
2018, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal,
tax, accounting and other advisors before you invest in the Notes. You may access these documents on the Securities and
Exchange Commission (the "SEC") website at www.sec.gov as follows (or if that address has changed, by reviewing our filings for
the relevant date on the SEC website):
Prospectus dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005973/l96181424b3.htm
Prospectus Supplement dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000121465918005975/f97180424b3.htm
Product Prospectus Supplement ERN-EI-1 dated September 7, 2018:
https://www.sec.gov/Archives/edgar/data/1000275/000114036118038044/form424b5.htm
Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, "we," "us," or "our" refers to
Royal Bank of Canada.
P-4
RBC Capital Markets, LLC

Auto-Callable Barrier Notes
Linked to the Lesser Performing of Two
Equity Indices
H Y POT H ET I CAL EX AM PLES
The table set out below is included for illustration purposes only. The table illustrates payment upon an automatic call and the Payment at
Maturity of the Notes for a hypothetical range of performance for the Lesser Performing Reference Index, assuming the following terms:
Hypothetical Initial Level (for each Reference Index):
1,000*
Hypothetical Barrier Level (for each Reference Index):
635, which is 63.50% of the hypothetical Initial Level
Principal Amount:
$1,000 per Note
Call Return Rate:
10% per annum
Hypothetical Call Amounts:
$1,025 if called on the first Observation Date, increasing by $25
on each subsequent Observation Date, as set forth in the table
above.
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* The hypothetical Initial Level of 1,000 used in the examples below has been chosen for illustrative purposes only and does not
represent the actual Initial Level of any Reference Index. The actual Initial Level for each Reference Index is set forth on the cover
page of this pricing supplement. We make no representation or warranty as to which of the Reference Indices will be the Lesser
Performing Reference Index. It is possible that the Final Level of each Reference Index will be less than its Initial Level.
Sum m a ry of t he H ypot he t ic a l Ex a m ple s
N ot e s Are N ot Ca lle d on Any

N ot e s Are Ca lle d on a n Obse rva t ion Da t e
Obse rva t ion Da t e

Ex a m ple 1
Ex a m ple 2
Ex a m ple 3
Ex a m ple 4
Ex a m ple 5

RTY
SX5E
RTY
SX5E
RTY
SX5E
RTY
SX5E
RTY
SX5E
Initial Level
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Closing Level on the First
1,200
1,250
1,100
900
900
1,050
880
805
980
805
Observation Date
Closing Level on the Second
N/A
N/A
1,020
1,025
850
1,200
780
900
780
1,100
Observation Date
Various,
Various,
Various,
Various,
Various,
Closing Levels on the Third
Various, below
below
below
below
below
N/A
N/A
N/A
N/A
below Initial
through 19 th Observation Dates
Initial Levels
Initial
Initial
Initial
Initial
Levels
Levels
Levels
Levels
Levels
Closing Level on the Final
N/A
N/A
N/A
N/A
1,035
1,500
850
1,200
600
1,120
Observation Date
Percentage Change of the
N/A
N/A
N/A
N/A
N/A
N/A
-15%
20%
-40%
12%
Reference Indices
Percentage Change of the Lesser
N/A
N/A
N/A
-15%
-40%
Performing Reference Index

$1,500 (paid on the maturity
Call Amount
$1,025
$1,050
N/A
N/A
N/A
date)

Payment at Maturity (if not
N/A
N/A
N/A
$1,000
$600
previously called)
P-5
RBC Capital Markets, LLC

Auto-Callable Barrier Notes
Linked to the Lesser Performing of Two
Equity Indices
H ypot he t ic a l Ex a m ple s of Am ount s Pa ya ble U pon a n Aut om a t ic Ca ll
The following hypothetical examples illustrate payments of the Call Amounts set forth in the table in the "Summary" section above.
Ex a m ple 1 : T he le ve l of e a c h Re fe re nc e I nde x inc re a se s a s of t he first Obse rva t ion Da t e . Because the closing level of
each Reference Index on the first Observation Date is greater than its Initial Level, the investor receives on the applicable Call Settlement Date a
cash payment of $1,025, representing the corresponding hypothetical Call Amount. After the Notes are called, they will no longer remain
outstanding and there will be no further payments on the Notes.
Ex a m ple 2 : T he le ve l of one Re fe re nc e I nde x de c re a se s from it s I nit ia l Le ve l t o it s c losing le ve l on t he first
Obse rva t ion Da t e , but t he le ve l of e a c h Re fe re nc e I nde x inc re a se s from it s I nit ia l Le ve l a s of t he se c ond
Obse rva t ion Da t e . Because one Reference Index has a closing level on the first Observation Date that is less than its Initial Level, the Notes
are not called on the first Observation Date. However, the closing level of each Reference Index on the second Observation Date is greater than
its Initial Level, so the investor receives on the applicable Call Settlement Date a cash payment of $1,050, representing the corresponding
hypothetical Call Amount. After the Notes are called, they will no longer remain outstanding and there will be no further payments on the Notes.
Ex a m ple 3 : T he N ot e s a re not c a lle d on a ny of t he first 1 9 Obse rva t ion Da t e s, but t he Fina l Le ve l of e a c h Re fe re nc e
I nde x ha s inc re a se d a s of t he V a lua t ion Da t e . Because the Notes are not called on any of the preceding Observation Dates and the
closing level of each Reference Index on the Valuation Date is greater than its Initial Level, the investor receives on the Maturity Date a cash
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payment of $1,500, representing the corresponding hypothetical Call Amount for the final Observation Date.
H ypot he t ic a l Ex a m ple s of Am ount s Pa ya ble a t M a t urit y
The following hypothetical examples illustrate how the payments at maturity set forth in the table above are calculated, a ssum ing t he N ot e s
ha ve not be e n c a lle d .
Ex a m ple 4 : T he le ve l of t he Le sse r Pe rform ing Re fe re nc e I nde x de c re a se s by 1 5 % from t he I nit ia l Le ve l t o it s Fina l
Le ve l of 8 5 0 . The Notes are not called on any Observation Date because the closing level of at least one Reference Index is below its Initial
Level on each Observation Date (including the Valuation Date). Because the Final Level of the Lesser Performing Reference Index is less than
its Initial Level but greater than its Barrier Level, the investor receives at maturity, a cash payment of $1,000 per Note, despite the decline in the
level of the Lesser Performing Reference Index.
Ex a m ple 5 : T he le ve l of t he Le sse r Pe rform ing Re fe re nc e I nde x is 6 0 0 on t he V a lua t ion Da t e , w hic h is le ss t ha n it s
Ba rrie r Le ve l . The Notes are not called on any Observation Date because the closing level of at least one Reference Index is below its Initial
Level on each Observation Date (including the Valuation Date). Because the Final Level of the Lesser Performing Reference Index is less than
its Barrier Level, we will pay only $600 for each $1,000 in the principal amount of the Notes, calculated as follows:
Principal Amount + (Principal Amount x Reference Index Return of the Lesser Performing Reference Index)
= $1,000 + ($1,000 x -40%) = $1,000 - $400 = $600
* * *
The payments shown above are entirely hypothetical; they are based on levels of the Reference Indices that may not be achieved and on
assumptions that may prove to be erroneous. The actual market value of your Notes on the Maturity Date or at any other time, including any
time you may wish to sell your Notes, may bear little relation to the hypothetical payments at maturity shown above, and those amounts should
not be viewed as an indication of the financial return on an investment in the Notes or on an investment in the securities included in any
Reference Index.
P-6
RBC Capital Markets, LLC

Auto-Callable Barrier Notes
Linked to the Lesser Performing of Two
Equity Indices
SELECT ED RI SK CON SI DERAT I ON S
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing directly in the Reference
Indices. These risks are explained in more detail in the section "Additional Risk Factors Specific to the Notes" in the product
prospectus supplement. In addition to the risks described in the prospectus supplement and the product prospectus supplement,
you should consider the following:
·
Princ ipa l a t Risk -- Investors in the Notes could lose all or a substantial portion of their principal amount if there is a
decline in the level of the Lesser Performing Reference Index between the Trade Date and the Valuation Date. If the Notes
are not automatically called and the Final Level of the Lesser Performing Reference Index on the Valuation Date is less
than its Barrier Level, the amount of cash that you receive at maturity will represent a loss of your principal that is
proportionate to the decline in the closing level of the Lesser Performing Reference Index from the Trade Date to the
Valuation Date.
·
T he N ot e s Are Subje c t t o a n Aut om a t ic Ca ll -- If, on any Observation Date, the closing level of each Reference
Index is greater than or equal to its Initial Level, then the Notes will be automatically called. If the Notes are automatically
called, then, on the applicable Call Settlement Date, for each $1,000 in principal amount, you will receive the applicable
Call Amount on the corresponding Call Settlement Date. You will not receive any payments after the Call Settlement Date
and you will not receive any return on the Notes that exceeds the applicable Call Amount set forth above, even if the level
of one or both of the Reference Indices increases substantially. You may be unable to reinvest your proceeds from the
automatic call in an investment with a return that is as high as the return on the Notes.
·
T he N ot e s Do N ot Pa y I nt e re st a nd Y our Re t urn M a y Be Low e r t ha n t he Re t urn on a Conve nt iona l
De bt Se c urit y of Com pa ra ble M a t urit y  There will be no periodic interest payments on the Notes as there would
be on a conventional fixed-rate or floating-rate debt security having the same maturity. The return that you will receive on
the Notes, which could be negative, may be less than the return you could earn on other investments. Your return may be
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less than the return you would earn if you purchased one of our conventional senior interest bearing debt securities.
·
T he N ot e s Are Link e d t o t he Le sse r Pe rform ing Re fe re nc e I nde x , Eve n if t he Ot he r Re fe re nc e I nde x
Pe rform s Be t t e r -- If any of the Reference Indices has a Final Level that is less than its Initial Level or its Barrier Level,
your return will be linked to the lesser performing of the two Reference Indices. Even if the Final Level of the other
Reference Index has increased compared to its Initial Level, or has experienced a decrease that is less than that of the
Lesser Performing Reference Index, your return will only be determined by reference to the performance of the Lesser
Performing Reference Index, regardless of the performance of the other Reference Index.
·
Y our Pa ym e nt on t he N ot e s Will Be De t e rm ine d by Re fe re nc e t o Ea c h Re fe re nc e I nde x I ndividua lly,
N ot t o a Ba sk e t , a nd t he Pa ym e nt a t M a t urit y Will Be Ba se d on t he Pe rform a nc e of t he Le sse r
Pe rform ing Re fe re nc e I nde x -- The Payment at Maturity will be determined only by reference to the performance of
the Lesser Performing Reference Index, regardless of the performance of the other Reference Index. The Notes are not
linked to a weighted basket, in which the risk may be mitigated and diversified among each of the basket components. For
example, in the case of notes linked to a weighted basket, the return would depend on the weighted aggregate
performance of the basket components reflected as the basket return. As a result, the depreciation of one basket
component could be mitigated by the appreciation of the other basket component, as scaled by the weighting of those
basket components. However, in the case of the Notes, the individual performance of each of the Reference Indices would
not be combined, and the depreciation of one Reference Index would not be mitigated by any appreciation of the other
Reference Index. Instead, your return will depend solely on the Final Level of the Lesser Performing Reference Index.
·
Pa ym e nt s on t he N ot e s Are Subje c t t o Our Cre dit Risk , a nd Cha nge s in Our Cre dit Ra t ings Are
Ex pe c t e d t o Affe c t t he M a rk e t V a lue of t he N ot e s -- The Notes are our senior unsecured debt securities. As a
result, your receipt of any Call Amounts, if payable, and the amount due on the maturity date is dependent upon our ability
to repay our obligations on the applicable payment date. This will be the case even if the levels of the Reference Indices
increase after the Trade Date. No assurance can be given as to what our financial condition will be at any time during the
term of the Notes.
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·
T he re M a y N ot Be a n Ac t ive T ra ding M a rk e t for t he N ot e s-Sa le s in t he Se c onda ry M a rk e t M a y Re sult
in Signific a nt Losse s -- There may be little or no secondary market for the Notes. The Notes will not be listed on any
securities exchange. RBCCM and our other affiliates Bank may make a market for the Notes; however, they are not
required to do so. RBCCM or our other affiliates may stop any market-making activities at any time. Even if a secondary
market for the Notes develops, it may not provide significant liquidity or trade at prices advantageous to you. We expect
that transaction costs in any secondary market would be high. As a result, the difference between bid and asked prices for
your Notes in any secondary market could be substantial.
·
Ow ning t he N ot e s I s N ot t he Sa m e a s Ow ning t he Se c urit ie s Re pre se nt e d by t he Re fe re nc e I ndic e s
-- The return on your Notes is unlikely to reflect the return you would realize if you actually owned the securities
represented by the Reference Indices. For instance, you will not receive or be entitled to receive any dividend payments or
other distributions on those securities during the term of your Notes. As an owner of the Notes, you will not have voting
rights or any other rights that holders of the Reference Indices may have. Furthermore, the Reference Indices may
appreciate substantially during the term of the Notes, while your potential return will be limited to the applicable Call
Amounts.
·
T he I nit ia l Est im a t e d V a lue of t he N ot e s I s Le ss t ha n t he Pric e t o t he Public -- The initial estimated value
of the Notes that is set forth on the cover page of this document does not represent a minimum price at which we, RBCCM
or any of our affiliates would be willing to purchase the Notes in any secondary market (if any exists) at any time. If you
attempt to sell the Notes prior to maturity, their market value may be lower than the price you paid for them and the initial
estimated value. This is due to, among other things, changes in the levels of the Reference Indices, the borrowing rate we
pay to issue securities of this kind, and the inclusion in the price to the public of the underwriting discount and the
estimated costs relating to our hedging of the Notes. These factors, together with various credit, market and economic
factors over the term of the Notes, are expected to reduce the price at which you may be able to sell the Notes in any
secondary market and will affect the value of the Notes in complex and unpredictable ways. Assuming no change in
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market conditions or any other relevant factors, the price, if any, at which you may be able to sell your Notes prior to
maturity may be less than your original purchase price, as any such sale price would not be expected to include the
underwriting discount and the hedging costs relating to the Notes. In addition to bid-ask spreads, the value of the Notes
determined by RBCCM for any secondary market price is expected to be based on the secondary rate rather than the
internal funding rate used to price the Notes and determine the initial estimated value. As a result, the secondary price will
be less than if the internal funding rate was used. The Notes are not designed to be short-term trading instruments.
Accordingly, you should be able and willing to hold your Notes to maturity.
·
T he I nit ia l Est im a t e d V a lue of t he N ot e s I s a n Est im a t e Only, Ca lc ula t e d a s of t he T im e t he T e rm s of
t he N ot e s We re Se t -- The initial estimated value of the Notes is based on the value of our obligation to make the
payments on the Notes, together with the mid-market value of the derivative embedded in the terms of the Notes. See
"Structuring the Notes" below. Our estimate is based on a variety of assumptions, including our credit spreads,
expectations as to dividends, interest rates and volatility, and the expected term of the Notes. These assumptions are
based on certain forecasts about future events, which may prove to be incorrect. Other entities may value the Notes or
similar securities at a price that is significantly different than we do.
The value of the Notes at any time after the Trade Date will vary based on many factors, including changes in market
conditions, and cannot be predicted with accuracy. As a result, the actual value you would receive if you sold the Notes in
any secondary market, if any, should be expected to differ materially from the initial estimated value of your Notes.
·
I nc onsist e nt Re se a rc h -- We or our affiliates may issue research reports on securities that are, or may become,
components of the Reference Indices. We may also publish research from time to time on financial markets and other
matters that may influence the levels of the Reference Indices or the value of the Notes, or express opinions or provide
recommendations that may be inconsistent with purchasing or holding the Notes or with the investment view implicit in the
Notes or the Reference Indices. You should make your own independent investigation of the merits of investing in the
Notes and the Reference Indices.
·
An I nve st m e nt in t he N ot e s I s Subje c t t o Risk s Assoc ia t e d in I nve st ing in St oc k s Wit h a Sm a ll M a rk e t
Ca pit a liza t ion -- The RTY consists of stocks issued by companies with relatively small market capitalizations. These
companies often have greater stock price volatility, lower trading volume and less liquidity than large-
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capitalization companies. As a result, the level of the RTY may be more volatile than that of a market measure that does
not track solely small-capitalization stocks. Stock prices of small-capitalization companies are also generally more
vulnerable than those of large-capitalization companies to adverse business and economic developments, and the stocks of
small-capitalization companies may be thinly traded, and be less attractive to many investors if they do not pay dividends.
In addition, small capitalization companies are often less well-established and less stable financially than large-
capitalization companies and may depend on a small number of key personnel, making them more vulnerable to loss of
those individuals. Small capitalization companies tend to have lower revenues, less diverse product lines, smaller shares
of their target markets, fewer financial resources and fewer competitive strengths than large-capitalization companies.
These companies may also be more susceptible to adverse developments related to their products or services.
·
An I nve st m e nt in t he N ot e s I s Subje c t t o Risk s Re la t ing t o N on -U .S. Se c urit ie s M a rk e t s -- Because
foreign companies or foreign equity securities included in the SX5E are publicly traded in the applicable foreign countries
and are denominated in euros, an investment in the securities involves particular risks. For example, the non-U.S.
securities markets may be more volatile than the U.S. securities markets, and market developments may affect these
markets differently from the U.S. or other securities markets. Direct or indirect government intervention to stabilize the
securities markets outside the U.S., as well as cross-shareholdings in certain companies, may affect trading prices and
trading volumes in those markets. Also, the public availability of information concerning the foreign issuers may vary
depending on their home jurisdiction and the reporting requirements imposed by their respective regulators. In addition, the
foreign issuers may be subject to accounting, auditing and financial reporting standards and requirements that differ from
those applicable to U.S. reporting companies.
·
T he Re t urn on t he N ot e s Will N ot Be Adjust e d for t he Ex c ha nge Ra t e s Re la t e d t o t he SX 5 E -- Although
the equity securities that comprise the SX5E are traded in euro, and the Notes are denominated in U.S. dollars, the
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amount payable on the Notes will not be adjusted for changes in the exchange rates between the U.S. dollar and the euro.
Therefore, if the euro appreciates or depreciates relative to the U.S. dollar over the term of the Notes, you will not receive
any additional payment or incur any reduction in any payment on the Notes. Changes in exchange rates, however, may
also reflect changes in the foreign economies that in turn may affect the level of the SX5E, and therefore the return on the
Notes.
·
M a rk e t Disrupt ion Eve nt s a nd Adjust m e nt s -- The payment at maturity, each Observation Date and the Valuation
Date are subject to adjustment as described in the product prospectus supplement. For a description of what constitutes a
market disruption event as well as the consequences of that market disruption event, see "General Terms of the Notes--
Market Disruption Events" in the product prospectus supplement.
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Auto-Callable Barrier Notes
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I N FORM AT I ON REGARDI N G T H E REFEREN CE I N DI CES
All disclosures contained in this pricing supplement regarding the Reference Indices, including, without limitation, their make-up, method of
calculation, and changes in their components, have been derived from publicly available sources. The information reflects the policies of, and is
subject to change by, the applicable index sponsor. Each of these sponsors has no obligation to continue to publish, and may discontinue
publication of, the applicable Reference Index. The consequences of an index sponsor discontinuing publication of a Reference Index are
discussed in the section of the product prospectus supplement entitled "General Terms of the Notes--Unavailability of the Level of the
Reference Asset." Neither we nor RBCCM accepts any responsibility for the calculation, maintenance or publication of any Reference Index or
any successor index.
We obtained the information regarding the historical performance of each Reference Index set forth below from Bloomberg Financial Markets.
Russe ll 2 0 0 0 ® I nde x ("RT Y ")
The RTY was developed by Russell Investments ("Russell") before FTSE International Limited and Russell combined in 2015 to create FTSE
Russell, which is wholly owned by London Stock Exchange Group. Russell began dissemination of the RTY (Bloomberg L.P. index symbol
"RTY") on January 1, 1984. FTSE Russell calculates and publishes the RTY. The RTY was set to 135 as of the close of business on December
31, 1986. The RTY is designed to track the performance of the small capitalization segment of the U.S. equity market. As a subset of the
Russell 3000® Index, the RTY consists of the smallest 2,000 companies included in the Russell 3000® Index. The Russell 3000® Index
measures the performance of the largest 3,000 U.S. companies, representing approximately 98% of the investable U.S. equity market. The RTY
is determined, comprised, and calculated by FTSE Russell without regard to the Notes.
Se le c t ion of St oc k s U nde rlying t he RT Y
All companies eligible for inclusion in the RTY must be classified as a U.S. company under FTSE Russell's country-assignment methodology. If
a company is incorporated, has a stated headquarters location, and trades in the same country (American Depositary Receipts and American
Depositary Shares are not eligible), then the company is assigned to its country of incorporation. If any of the three factors are not the same,
FTSE Russell defines three Home Country Indicators ("HCIs"): country of incorporation, country of headquarters, and country of the most liquid
exchange (as defined by a two-year average daily dollar trading volume) ("ADDTV") from all exchanges within a country. Using the HCIs, FTSE
Russell compares the primary location of the company's assets with the three HCIs. If the primary location of its assets matches any of the
HCIs, then the company is assigned to the primary location of its assets. If there is insufficient information to determine the country in which the
company's assets are primarily located, FTSE Russell will use the primary country from which the company's revenues are primarily derived for
the comparison with the three HCIs in a similar manner. FTSE Russell uses the average of two years of assets or revenues data to reduce
potential turnover. If conclusive country details cannot be derived from assets or revenues data, FTSE Russell will assign the company to the
country of its headquarters, which is defined as the address of the company's principal executive offices, unless that country is a Benefit Driven
Incorporation "BDI" country, in which case the company will be assigned to the country of its most liquid stock exchange. BDI countries include:
Anguilla, Antigua and Barbuda, Aruba, Bahamas, Barbados, Belize, Bermuda, Bonaire, British Virgin Islands, Cayman Islands, Channel Islands,
Cook Islands, Curacao, Faroe Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Liberia, Marshall Islands, Panama, Saba, Sint Eustatius, Sint
Maarten, and Turks and Caicos Islands. For any companies incorporated or headquartered in a U.S. territory, including countries such as
Puerto Rico, Guam, and U.S. Virgin Islands, a U.S. HCI is assigned.
All securities eligible for inclusion in the RTY must trade on a major U.S. exchange. Stocks must have a closing price at or above $1.00 on their
primary exchange on the last trading day in May to be eligible for inclusion during annual reconstitution. However, in order to reduce
unnecessary turnover, if an existing member's closing price is less than $1.00 on the last day of May, it will be considered eligible if the average
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of the daily closing prices (from its primary exchange) during the month of May is equal to or greater than $1.00. Initial public offerings are
added each quarter and must have a closing price at or above $1.00 on the last day of their eligibility period in order to qualify for index
inclusion. If an existing stock does not trade on the "rank day" (typically the last trading day in May, but a confirmed timetable is announced
each spring), but does have a closing price at or above $1.00 on another eligible U.S. exchange, that stock will be eligible for inclusion.
An important criterion used to determine the list of securities eligible for the RTY is total market capitalization, which is defined as the market
price as of the rank day in May for those securities being considered at annual reconstitution times the total number of shares outstanding.
Where applicable, common stock, non-restricted exchangeable shares and partnership units/membership interests are used to determine
market capitalization. Any other form of shares such as preferred stock, convertible preferred stock, redeemable shares, participating preferred
stock, warrants, rights, installment receipts or trust receipts, are excluded from the calculation. If multiple share classes of common stock exist,
they are combined to determine total shares outstanding. In cases where the common stock share classes act independently of each other
(e.g., tracking stocks), each class is considered for inclusion separately. If multiple share classes exist, the pricing vehicle will be designated as
the share class with the highest two-year trading volume as of the rank day in May.
Companies with a total market capitalization of less than $30 million are not eligible for the RTY. Similarly, companies with only 5% or less of
their shares available in the marketplace are not eligible for the RTY. Royalty trusts, limited liability companies, closed-end
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Auto-Callable Barrier Notes
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Equity Indices
investment companies (companies that are required to report Acquired Fund Fees and Expenses, as defined by the SEC, including business
development companies), blank check companies, special purpose acquisition companies, and limited partnerships are also ineligible for
inclusion. Exchange traded funds and mutual funds are also excluded. Bulletin board, pink sheets, and over-the-counter ("OTC") traded
securities are not eligible for inclusion.
Annual reconstitution is a process by which the RTY is completely rebuilt. Based on closing levels of the company's common stock on its
primary exchange on the rank day of May of each year, FTSE Russell reconstitutes the composition of the RTY using the then existing market
capitalizations of eligible companies. Reconstitution of the RTY occurs on the last Friday in June or, when the last Friday in June is the 29th or
30th, reconstitution occurs on the prior Friday. In addition, FTSE Russell adds initial public offerings to the RTY on a quarterly basis based on
total market capitalization ranking within the market-adjusted capitalization breaks established during the most recent reconstitution.
After membership is determined, a security's shares are adjusted to include only those shares available to the public. This is often referred to
as "free float." The purpose of the adjustment is to exclude from market calculations the capitalization that is not available for purchase and is not
part of the investable opportunity set.
Lic e nse Agre e m e nt
FTSE Russell and Royal Bank have entered into a non-exclusive license agreement providing for the license to Royal Bank, and certain of its
affiliates, in exchange for a fee, of the right to use indices owned and published by FTSE Russell in connection with some securities, including
the Notes.
FTSE Russell does not guarantee the accuracy and/or the completeness of the RTY or any data included in the RTY and has no liability for any
errors, omissions, or interruptions in the RTY. FTSE Russell makes no warranty, express or implied, as to results to be obtained by the
calculation agent, holders of the Notes, or any other person or entity from the use of the RTY or any data included in the RTY in connection with
the rights licensed under the license agreement described in this document or for any other use. FTSE Russell makes no express or implied
warranties, and hereby expressly disclaims all warranties of merchantability or fitness for a particular purpose with respect to the RTY or any
data included in the RTY. Without limiting any of the above information, in no event will FTSE Russell have any liability for any special, punitive,
indirect or consequential damages, including lost profits, even if notified of the possibility of these damages.
The Notes are not sponsored, endorsed, sold or promoted by FTSE Russell. FTSE Russell makes no representation or warranty, express or
implied, to the owners of the Notes or any member of the public regarding the advisability of investing in securities generally or in the Notes
particularly or the ability of the RTY to track general stock market performance or a segment of the same. FTSE Russell's publication of the RTY
in no way suggests or implies an opinion by FTSE Russell as to the advisability of investment in any or all of the stocks upon which the RTY is
based. FTSE Russell's only relationship to Royal Bank is the licensing of certain trademarks and trade names of FTSE Russell and of the RTY,
which is determined, composed and calculated by FTSE Russell without regard to Royal Bank or the Notes. FTSE Russell is not responsible for
and has not reviewed the Notes nor any associated literature or publications and FTSE Russell makes no representation or warranty express or
implied as to their accuracy or completeness, or otherwise. FTSE Russell reserves the right, at any time and without notice, to alter, amend,
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